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Tuesday Papers: MPs seize control of Brexit

And Mike Lynch accused of 'revenue pumping' in $5 billion Autonomy fraud.

Tuesday Papers: MPs seize control of Brexit

Top stories

  • The Times: Three government ministers quit last night to give MPs the power to tear up Theresa May’s deal as the parliament seized control of Brexit.
  • The Daily Telegraph: Autonomy founder Mike Lynch has been accused of “revenue pumping” to conceal the fact that the FTSE 100 software company was “stagnating” prior to its $11.1 billion takeover by Hewlett-Packard.
  • Financial Times: Central banks slashed interest rates in a sharp reversal of last year’s trend as inflation across emerging economies tumbled to its lowest level in a decade.
  • Financial Times: Apple rolled out its first product on Monday dedicated to digital services, beginning a renewed push into video, finance, news and gaming.
  • The Daily Telegraph: Mike Ashley's Sports Direct is considering a cash offer to buy the struggling department store chain Debenhams.
  • The Times: JP Morgan Chase has sent new contracts to hundreds of employees in London requiring them to relocate if Britain leaves the European Union without an agreement next month.

Business and economics

  • The Guardian: International Monetary Fund managing director has joined the growing clamour to further tax tech firms Google, Facebook and Amazon.
  • Financial Times: China Investment Corporation has teamed up with France’s biggest bank BNP Paribas and private equity group Eurazeo to create a €1 billion fund to back European companies that want to expand into China.
  • The Guardian: William Hill seeks cut in its rents by 50% to help it offset the cost of revenue lost due to imminent curbs on fixed-odds betting terminals.
  • The Daily Telegraph: Pennon has taken a £16 million hit on its full year profits following Interserve’s collapse earlier this month.
  • Financial Times: Louis Dreyfus Company has reported a 13% surge in annual profits as its oilseeds business was boosted by US-China trade war.
  • The Daily Telegraph: Train company Govia is poised to net hundreds of millions of pounds if Transport Secretary Chris Grayling delays a key decision on the hugely profitable Southeastern franchise.
  • The Times: Global co-working giant Wework doubled its revenue last year as it began to attract larger companies for longer periods, but losses continued to widen for the New York start-up.
  • The Guardian: Majestic Wine is to close a number of stores and adopt the Naked Wines name as part of plans to focus on its online and international business.
  • The Daily Telegraph: Nissan was prepared to pay former chairman Carlos Ghosn a $40 million retirement package in a settlement that raises questions about his arrest for alleged financial crimes.
  • Daily Mail: The eurozone faces disaster in the next economic downturn because many countries have failed to prepare, according to David Lipton, deputy managing director of the International Monetary Fund.
  • The Daily Telegraph: Aviva Investors, which manages over £348 billion in assets, has sent a stinging rebuke to FTSE 100 firms calling for a "fundamental rethink" of how bosses are paid amid rising concerns about inequality.
  • The Times: The Co-operative Group has avoided a fine from the grocery regulator despite being found guilty of “widespread” failings in how it treated its suppliers.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Provident Financial; HOLD Aggreko.
  • Daily Mail: Inmarsat bosses have backed a £2.6 billion takeover by the Triton consortium that will see it fall into foreign hands.
  • The Daily Telegraph: Airbus has secured one of the biggest aircraft orders with a Chinese leasing company signing a 300-plane deal.
  • The Daily Telegraph: Provident Financial boss has accused takeover predator Non-Standard Finance of playing a game of "superficial soundbites and playground taunts" as he strives to fight off its £1.3 billion bid.
  • The Times: Valueact, Rolls-Royce’s largest shareholder, has cashed in more than £200 million of shares, booking a profit of nearly 70% on the holding.
  • The Times: Rockrose Energy is seeking to gain control of Independent Oil & Gas by buying up its debts, after an initial approach to buy its shares was rebuffed earlier this month.
  • Financial Times: Naspers, Africa’s largest media group, will rehouse its holding in the Chinese internet company Tencent and other international investments in a separate European listing.
  • The Daily Telegraph (Comment): How Britain can still prosper in land of the neverending Brexit.
  • The Daily Telegraph (Comment): Martin Sorrell returns with 'faster, better, cheaper' ad company. But can he compete with the giants?

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Industry trade body Tisa to change its name (sort of)

Industry trade body Tisa to change its name (sort of)

The Tax Incentivised Savings Association (Tisa) is asking its members to vote for a name change to The Investing and Saving Alliance